When is the best time to become an entrepreneur?

There is something about welcoming a new baby into this world which makes mothers reconsider their career choices. This is a time when a growing number of mothers make the decision between a “safe” career and striking out on their own with the chance to spend more time with their child. It is somewhat of a gamble, but can be worth doing if you time it right.

Freedom and flexibility

One of the best things about being an entrepreneur is that you have the freedom to create your own schedule. Notably, entrepreneurs work harder than people on the 9 to 5: 12 hour days and working weekends aren’t uncommon. However, there is something wonderful about being able to choose your own schedule.

Some employers are inflexible with regard to the needs of your child. Spending time with your child is important and becoming an entrepreneur can help you do just that.

Get some stability first

We have all heard stories about people who resign from work and build successful businesses. Remember, these kinds of stories are inspirational and make the news because they are the exception rather than the norm. It is a better idea to prepare for the long haul – cutting down on your spending, working on your business during the evenings and/or weekends and saving money. Once you make the decision to focus only on your business, you will need those cash reserves while the business grows.

It is worth partnering up with another mother and changing your shifts (if possible) so that while she works you take care of her child and vice versa. This eliminates childcare costs and allows you to build up those all important cash reserves. In fact, childcare in itself could be your business, and this would allow you to spend more time with your child.

Build networks, research and apply

As a general rule, it is best to take advice from successful entrepreneurs in the field you want to enter. Fortunately, Facebook and Linkedin groups allow you to find the right groups and learn from their successes and failures. Moreover, you can ask questions and find out how people got started. You would be surprised at how helpful other entrepreneurs can be.

Secondly, it is worth taking the time to research all aspects of what you want to do. However, be careful not to spend too much time on this aspect. A good strategy is to write down where you currently are and your first milestone, then fill in the blanks on what you need to get there. There is so much information on the internet that it can get confusing. However, basing your research on a goal enables you to stay focused.

Don’t give up

In conclusion, business is something many people dream of. However, the risk involved causes most people to stay away or give up early. It isn’t easy. You will have to work very hard – especially at the beginning, However, it can be incredibly rewarding and give you things money can’t buy: freedom and self sustenance. Stay committed and seek out help if it gets overwhelming. There is nothing wrong with going back to work when cash is low, but never give up on the goal.

*Chris Conway is managing director of Accounts and Legal.